Correlation Between Srisawad Power and Singer Thailand
Can any of the company-specific risk be diversified away by investing in both Srisawad Power and Singer Thailand at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Srisawad Power and Singer Thailand into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Srisawad Power 1979 and Singer Thailand Public, you can compare the effects of market volatilities on Srisawad Power and Singer Thailand and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Srisawad Power with a short position of Singer Thailand. Check out your portfolio center. Please also check ongoing floating volatility patterns of Srisawad Power and Singer Thailand.
Diversification Opportunities for Srisawad Power and Singer Thailand
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Srisawad and Singer is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Srisawad Power 1979 and Singer Thailand Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Singer Thailand Public and Srisawad Power is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Srisawad Power 1979 are associated (or correlated) with Singer Thailand. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Singer Thailand Public has no effect on the direction of Srisawad Power i.e., Srisawad Power and Singer Thailand go up and down completely randomly.
Pair Corralation between Srisawad Power and Singer Thailand
Assuming the 90 days trading horizon Srisawad Power 1979 is expected to generate 1.0 times more return on investment than Singer Thailand. However, Srisawad Power 1979 is 1.0 times less risky than Singer Thailand. It trades about 0.06 of its potential returns per unit of risk. Singer Thailand Public is currently generating about 0.06 per unit of risk. If you would invest 3,999 in Srisawad Power 1979 on August 29, 2024 and sell it today you would earn a total of 26.00 from holding Srisawad Power 1979 or generate 0.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Srisawad Power 1979 vs. Singer Thailand Public
Performance |
| Timeline |
| Srisawad Power 1979 |
| Singer Thailand Public |
Srisawad Power and Singer Thailand Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Srisawad Power and Singer Thailand
The main advantage of trading using opposite Srisawad Power and Singer Thailand positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Srisawad Power position performs unexpectedly, Singer Thailand can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Singer Thailand will offset losses from the drop in Singer Thailand's long position.| Srisawad Power vs. Muangthai Capital Public | Srisawad Power vs. Carabao Group Public | Srisawad Power vs. TISCO Financial Group | Srisawad Power vs. Minor International Public |
| Singer Thailand vs. Jay Mart Public | Singer Thailand vs. JMT Network Services | Singer Thailand vs. KCE Electronics Public | Singer Thailand vs. Srisawad Power 1979 |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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